New state website offers college loan options

New York financial regulators have created a site to protect students and their families from financial scams.

The Department of Financial Services has added a Student Protection Unit website that provides information about loan options and financial aid to college students. Gov. Andrew Cuomo created the Student Protection Unit in January to investigate potential consumer protection violations and help provide students with the facts they need to make the financial choices that are best for them, according to a press release.

The website will serve as an information portal with advice about navigating the financial challenges of college. Federal data show student debt nationwide has more than quadrupled in the last decade, with average student debt per borrower of $27,310 in New York.